Egyptian start-up MNT-Halan acquires Turkish fintech rival

"Egyptian Fintech Acquisition"

Egyptian start-up MNT-Halan has secured a remarkable $157.5 million in funding for the purchase of their Turkish fintech rival, Tam Finans. This strategic move represents MNT-Halan’s steadfast intention to establish a strong presence in the competitive Turkish market.

Turkey’s market leader in fintech, Tam Finans, has a strong standing in 26 cities with 39 outlets, and holds approximately 40% of the national market share. This vast network provides valuable support for micro-businesses and small to medium-sized enterprises (SMEs), paving the way for their growth and development.

The co-owners of Tam Finans, Actera, and the European Bank for Reconstruction and Development (EBRD), will retain their shares in MNT-Halan following the merger. The details pertaining to major shareholding patterns will be disclosed in due course.

MNT-Halan’s worth has been catapulted beyond the previous $1 billion mark, a figure achieved 19 months ago during a significant funding round.

MNT-Halan’s strategic acquisition of Turkish rival

It has now secured an even greater amount, thus strengthening the company’s financial position.

The Turkish market is seen as ripe with potential, with about 30% of the population still without access to banking services. MNT-Halan plans to leverage its successful track record in Egypt’s microfinance market to meet this need. It aims to extend financial services to Turkey’s underbanked population through a range of offerings including peer-to-peer lending, mobile wallets and bill payment options.

Finally, MNT-Halan’s expansion strategy includes a further foray into the factoring market, then focusing on breaking through in Q4 2024. By utilizing Tam Finans’ resources, the company plans to augment their existing loan provisions for small and micro-businesses. This aligns with MNT-Halan’s existing range of diverse services that includes consumer financing, prepaid cards, and electronic wallets.

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Benjamine Lee

Benjamin Lee is a tech guru with a flair for innovation and problem-solving. With years of experience in the industry, Benjamin has established himself as a go-to expert in all things tech-related.

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